The shares of Salesforce.com Inc increase on Thursday as the company managed to top the expectations of market experts. The shares of the company went up almost 6 percent on Thursday. The company reported the earnings of the first quarter of 2021, which was above $469 million. Compared to the same period of the last year, the number is more than 4 times more. Last year’s first-quarter earnings of the company were $99 million.
The revenue of the company for the first quarter of 2021 was reported to be $5.96. Last year, the same period’s revenue was $4.87 billion. The representatives of the company also announced that the annual Dreamfroce conference is planned to be held in person in 2021.
Last year, because of the coronavirus pandemic, the conference was conducted remotely. However, the company representatives noted that people wishing to attend the event will have to be fully vaccinated. This year’s event is planned for September 21-23.
As the company published its quarterly earnings, leading stock brokers around the world reported that the demand for the shares of the company increased significantly.
Quarterly report of Salesforce
One of the main drivers of the increase of the shares of Salesforce was the report of the quarterly earnings of the company which was far beyond the expectations of market experts. The cloud software maker reported a growth of 23 percent in terms of revenue on a year-to-year basis.
2022 $26B (guidance)
Thank you Ohana! ❤️
From 1st Earnings Call Inside. (We’re all vaccinated!) pic.twitter.com/DQAwBNHm2A
— Marc Benioff (@Benioff) May 27, 2021
One of the main drivers of the increased earnings of the company is the better coronavirus situation around the world. The vaccination in the USA as well as in many other countries around the world is becoming more active every day, further supporting the recovery of economies.
The earnings of the company have increased drastically compared to the same period of last year, supporting the performance of the company in the stock market.
On Thursday, shares of several other companies increased as well. One of them was AMC Entertainment, AMC, which was among the biggest gainers of the day, increasing as much as 15.4 percent in premarket trading. AMC is one of the most popular meme stocks, which has more than doubled this week already.
Price movements of Salesforce shares
As the mountain chart shows below, the company has had a very interesting year. Much like many other companies around the world, the shares of the company were moving according to the coronavirus situation around the world. After a huge dip in May, the shares of the company have recently started to recover. Experts are saying that traders should look out for the important events in the market as everything is changing very fast in the market.
Salesforce.com Inc is an American cloud-based software giant headquartered in San Francisco. The company provides customer relationship management services and the revenue of the company in 2021 was as much as $21.25 billion.